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No hope for housing market
Published: 13/05/2008 |
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The housing market should expect to see further falls in sales, the Council of Mortgage Lenders has warned. It announced house purchase loans fell to 46,500 in March, down one per cent from 47,200 in February and 48 per cent from 89,000 at this time last year. "House purchase transaction volumes will continue to deteriorate in the coming months as recent approvals data from the Bank of England has shown," director general, Michael Coogan, said. Much of the fall can be blamed on a shortage of funding in the mortgage markets following international tightening of money lending. Gross lending in the first quarter of this year was £75 billion, down from £83.9 billion in the first quarter of 2007. Mr Coogan added there was no quick-fix, as "any improvement in credit market conditions will take time to feed through into the mortgage market".  |
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